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“Senator, I know the men and women of the federal judiciary. I know a lot of them. I know how hard their job is,” Gorsuch said. “And I know how decent they are. And when anyone criticizes the honesty or integrity or motive of a federal judge, I find that disheartening; I find that demoralizing, because I know the truth.”Gorsuch mostly deflected questions about how he would rule in specific cases and about his personal views on issues. But he did say that the Korematsu decision upholding the internment of Japanese-Americans during World War II would not be applicable precedent today.He also answered a series of questions from Sen. Patrick Leahy, D-Vt., about religious tests. Leahy asked whether the First Amendment permits religious litmus tests for entry into the United States.“Senator, we have a free exercise clause,” Gorsuch said. He added, however, that he can’t say how he would apply the clause to a specific case.Leahy then asked whether the … [Read more...] about Live blog of confirmation hearings, Day 2: Gorsuch condemns attacks on the judiciary

In the context of increasing cyber-attacks on major corporate organisations, small businesses and government, data protection and cybersecurity is a hot topic. Added to this, the GDPR—a strict new regulatory regime in Europe—will commence in May 2018 and has implications for both non-European and European-based organisations.Organisations which come within the scope of the GDPR, including organisations located outside of the EU, will be required to comply with more stringent data protection compliance obligations and face the prospect of exposure to multimillion-dollar fines and class actions if they breach these obligations. It is, therefore, crucial for non-EU established companies carrying out activities that fall within the GDPR to develop an understanding of their obligations under the GDPR, and take steps to ensure that they will be able to comply with their obligations when the GDPR starts to apply next year.This Memo provides an overview of the GDPR and … [Read more...] about EU’s New Data Protection Regulation – Are Your Cybersecurity and Data Protection Measures up to Scratch?

It’s that time of year when we look ahead at the employment and labor laws that will go in effect in the New Year. We have assembled this forecast of the new laws that employers and human resources professionals in California, Massachusetts, and New York may need to comply with in 2013.California’s 2013 New Employment LawsA new year always means new California employment laws. And 2013 is no different. In 2012, employers saw the new independent contractor misclassification law go into effect—California Labor Code Section 226.81 — which imposes a minimum $5,000 and maximum $25,000 fine for willful misclassification of an individual as an independent contractor. Also in 2012, California employers saw the new Wage Theft Protection Act — California Labor Code Section 2810.52 — which requires all employers to provide each nonexempt employee new hire with a written notice that contains specific wage and employer information, … [Read more...] about Employment & Labor Laws 2013 Legislative Forecast

CFPB Issues Consumer Complaint ReportIn July, the CFPB issued another "snapshot" of the consumer complaints it has received through June 30, 2014. The CFPB has received almost 400,000 consumer complaints since it began collecting complaints in July 2011. The overall breakdown of complaints handled by the CFPB shows that 34 percent involved mortgages, 20 percent involved debt collection, 14 percent involved credit cards, 12 percent involved credit reporting, 12 percent involved bank accounts and services, three percent involved student loans, and one percent involved payday loans. Note that these percentages are not necessarily reflective of the prevalence of these types of issues among consumers because the CFPB has not always accepted all of these categories of complaints. For example, the CFPB only began accepting complaints relating to payday loans in November 2013. Nonetheless, the complaint database can still serve as a guide as to where the CFPB may focus its future … [Read more...] about The Consumer Financial Protection Bureau (CFPB), Recent Developments: July 21, 2014 – August 15, 2014

Leading the Past WeekLast week Congress returned from its six week August recess, and the House promptly passed a continuing resolution (“CR”) to fund the Government through March of 2013, by an overwhelming vote of 329-91. With Senate action expected on the CR this week and no clear path to passage on any other legislation, the House announced that it would adjourn by the end of this week until after the elections. The Senate is expected to announce a similar decision and so what was already anticipated to be a short 8 day legislative period in September will be truncated even further. In other news, as was widely anticipated following the dismal August jobs report, the Fed pinned its hopes on a “third times the charm” belief for our nation’s monetary policy with the announcement of a third round of quantitative easing. As was also anticipated, the news was praised by Democrats—who are hoping an economic boost will give … [Read more...] about Financial Services Legislative and Regulatory Law Update – September 17, 2012

Leading the Past WeekLast week ended with a stronger than expected jobs report at plus 204,000 jobs, a stronger than anticipated announcement of economic growth, at 2.8%, and an internet company stock “popping” on the IPO. It was almost as if someone who had been in a coma since March 10, 2000 suddenly woke up, they might not think anything had changed -- except that they would likely be confused as to why the Office of Management and Budget (OMB) was reporting that the federal government shutdown cost taxpayers $2 billion dollars, and why the Republicans were battling with a Tea Party. So while those of us in northern climates may wish it was March, we are, in fact, in November, and with the deadline for the budget conference just about one month away, lawmakers appear to be refocusing their attention to potential tax cuts and entitlement reforms on which budget negotiators may be able to find bipartisan agreement. Last week, several lawmakers … [Read more...] about Financial Services Legislative and Regulatory Law Update – November 11, 2013

April 4, 2013CFPB Money Transfer Complaint Database OpensThe CFPB announced that its consumer response team now accepts money transfer complaints. To submit a money transfer complaint, the consumer should have the following information: (1) sender’s name and address; (2) the recipient’s name and address; (3) the date of the transfer; (4) the transaction number; (5) the name of the credit union, bank or money transfer entity that facilitates the transfer; and (6) the location where the money transfer occurred. The consumer response team had previously accepted consumer complaints related to credit cards, mortgages, bank accounts, credit reporting and private student loans. As of February 28, 2013, the CFPB received approximately 131,300 consumer complaints since its inception.The database has recently come under criticism from consumer advocates and even industry representatives who protest the discrepancy in the amount of complaints the database contains for large and small … [Read more...] about The Consumer Financial Protection Bureau, Recent Updates: April 4, 2013 – May 3, 2013

For the first time in a couple of years, the Christmas plans of Congress and their staff (except for the Appropriations Committee) are safe, as the Senate wrapped up its business last week, including the passing of the Murray-Ryan budget agreement by a 64 to 36 vote. Then on the heels of better than expected employment numbers and a revised analysis stating that there was actually 4.1 percent growth in the third quarter, the Federal Reserve finally announced that it would taper its quantitative easing by $10 billion dollars so that it would now only be pumping $75 billion per month into the economy. Contrary to rumors that the taper would be detrimental to the economy, following the announcement, the dollar rose to a two week high against the euro, and the Dow jumped more than 290 points.However, all was not good news for the Fed last week, as Chairman apparent Janet Yellen’s confirmation was delayed until after New Years, and more … [Read more...] about Financial Services Legislative and Regulatory Update – December 23, 2013

Your company has spent a considerable amount on fidelity bond premiums. Do you understand fully the kinds of losses covered by the bond, or when it is appropriate to provide notice of a loss to your company’s insurer? The ability to recognize the types of losses that give rise to a claim is vitally important, since fidelity bonds typically have fairly short and rigid deadlines for providing notice of a loss or submitting a proof of loss (often 60 days after the loss is first discovered).Further complicating the picture, considerable investigation may be required to determine the amount, extent and cause of a loss. As a result, it may be necessary to provide notice of a loss before its magnitude or cause is fully known. This can pose difficulties for an insured organization unless the officers and employees likely to discover a potential loss, as well as those charged with reporting losses within the organization, are attuned to the circumstances under which a loss might be … [Read more...] about What Can You Expect From Your Fidelity Bond?

Before leaving for the Christmas recess the House of Representatives passed the Bipartisan Budget Act of 2013 by an overwhelming bipartisan vote of 332 to 94. With the Senate expected to follow suit early next week, it will mean that for the first time since 1997, Congress will have voted to approve a budget bill. This achievement, which required some pain from both sides, is offered up by some as akin to the baby steps necessary to help repair a broken relationship, and potentially helping to bridge a path towards tax reform. However, these perspectives may be too optimistic, especially with a calendar next year that quickly tees up votes on an omnibus appropriations bill to keep the government open, and to increase the debt ceiling, both of which have the distinct ability to suck the life out of whatever reconciliation was achieved through the budget process. Outside of Congress, the other major story from this past week … [Read more...] about Financial Services Legislative and Regulatory Update – December 16, 2013